The spring market held ground over the weekend but the real test is not due until the end of the month when larger volumes of stock finally come on the market. Agents are hoping buyers who need to be settled before Christmas or the 2013 school year will help prop up the clearance rate and property prices.
Another interest rate cut from the Reserve Bank of Australia in early November and some stronger action from the major banks could also spark sharper activity.Data from the Real Estate Institute of Victoria shows a modest 1 per cent rise in Melbourne's median house price for the past quarter to $530,000, against a 1.9 per cent fall for the year...............................................Full Article: Source